 "Power Mech Projects lists below issue price")
Shares of Power Mech Projects have listed at Rs 600, a disc ount of 6.25% to its issue price of Rs 640 on the National Stock Exchange (NSE).
At 10:02 AM, the stock was trading at Rs 635, i.e. 1% below its issue price. It hit a high of Rs 630 and a low of Rs 580 on the NSE so far.
On the BSE, the stock hit a high of Rs 640 and low of Rs 585, after listing at Rs 600. A combined 552,795 shares changed hands on the counter on the NSE and BSE.
The Hyderabad-based Power Mech had raised Rs 273 crore through the initial public offer (IPO). The company had fixed issue price at the upper band of Rs 615-640 per share after the issue received a strong response. The nearly 3 million share-offering saw bids for nearly 112 million shares.
The company proposes to use the IPO proceeds for funding working capital requirements, general corporate purposes, renovation and modernisation, scheduled shutdowns, retro fits as well as overhauling, maintenance and upgradation services for power plants.
At 10:02 AM, the stock was trading at Rs 635, i.e. 1% below its issue price. It hit a high of Rs 630 and a low of Rs 580 on the NSE so far.
On the BSE, the stock hit a high of Rs 640 and low of Rs 585, after listing at Rs 600. A combined 552,795 shares changed hands on the counter on the NSE and BSE.
The Hyderabad-based Power Mech had raised Rs 273 crore through the initial public offer (IPO). The company had fixed issue price at the upper band of Rs 615-640 per share after the issue received a strong response. The nearly 3 million share-offering saw bids for nearly 112 million shares.
The company proposes to use the IPO proceeds for funding working capital requirements, general corporate purposes, renovation and modernisation, scheduled shutdowns, retro fits as well as overhauling, maintenance and upgradation services for power plants.